Plans To Redevelop Shaker Square On Hold As Owner Considers Selling Land
The much-anticipated plan to revitalize Shaker Square is on hold at least through the end of the year, as the landowners consider selling.
President of The Coral Company, Peter Rubin, said his company has accomplished many of its goals for the Square over the past 15 years, including decreasing vacancies in the 100-year-old shopping district.
Rubin said his company also wanted to remake some of the public space in the square — a process that was ramping up with the $400,000 redesign project launched earlier this year with the help of Cleveland Neighborhood Progress and LAND studio.
“We feel like we have a responsibility to see that through in one fashion or another, and so we’re trying to, regardless of what our determination is about refinancing or selling,” he said.
Land ownership complicates any changes to the area, including current redevelopment efforts. The Coral Company owns Shaker Square, but the streets are the property of the city of Cleveland. The land where the Rapid runs belongs to Shaker Heights, but is leased to the Greater Cleveland Regional Transit Authority.
Rubin said his real estate company is still based in Shaker Square and will remain in the area regardless of the final decision. Coral isn’t set on selling the Square, he said, and there is no timeline for making the final decision.
“The issue is whether we will continue as the owner of the Square, and the timetable for that is not a matter for public discussion," he told ideastream. "That’s a private business decision that we will make.”
The redevelopment project will be on pause through the end of the year, said LAND studio Senior Director of Development Tara Turner. And the potential sale is only one of a several reasons for that.
But she said even while it’s on hold, they will continue discussing the project with the community.
“Considering that design projects of this nature can take a very long time to come to fruition, we have lots of time to talk,” Turner said. “We plan on doing that.”